This Week’s Internal Revenue Bulletin

HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

EMPLOYEE PLANS

Notice 2019-56, page 1046. This notice sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for October 2019 used under § 417(e)(3)(D), the 24-month average segment rates applicable for October 2019, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).

INCOME TAX

Rev. Rul. 2019-25, page 1042. Federal rates; adjusted federal rates; adjusted federal long-term rate, the long-term exempt rate, and the blended annual rate. For purposes of sections 382, 1274, 1288, 7872 and other sections of the Code, tables set forth the rates for November 2019.

T.D. 9878, page 1044. This TD finalizes regulations under section 1.165-11 and provides rules and procedures for making and revoking an election to claim a disaster loss in the preceding year and replaces the temporary regulations under section 1.165-11T. The final regulations provide that an election under section 165(i) to deduct a disaster loss for the preceding year is made either on an original Federal income tax return for the preceding year or an amended Federal income tax return for the preceding year in the manner specified by guidance issued pursuant to this section. The due date for making the section 165(i) election is six months after the due date for filing the taxpayer's Federal income tax return for the disaster year (determined without regard to any extension of time to file). In general, a section 165(i) election may be revoked on or before the date that is ninety (90) days after the due date for making the election.